New York State Teachers Retirement System Has $19.33 Million Holdings in NetApp, Inc. $NTAP

New York State Teachers Retirement System cut its position in shares of NetApp, Inc. (NASDAQ:NTAP) by 2.5% in the first quarter, Holdings Channel reports. The firm owned 188,748 shares of the data storage provider’s stock after selling 4,919 shares during the period. New York State Teachers Retirement System’s holdings in NetApp were worth $19,326,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. State Street Corp grew its stake in shares of NetApp by 1.1% in the 4th quarter. State Street Corp now owns 10,192,354 shares of the data storage provider’s stock valued at $1,091,499,000 after buying an additional 115,451 shares in the last quarter. Wellington Management Group LLP raised its position in NetApp by 17.1% during the third quarter. Wellington Management Group LLP now owns 4,915,553 shares of the data storage provider’s stock valued at $582,296,000 after acquiring an additional 718,409 shares in the last quarter. Norges Bank bought a new position in NetApp during the fourth quarter valued at approximately $458,060,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in NetApp by 17.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,127,533 shares of the data storage provider’s stock valued at $442,018,000 after acquiring an additional 611,003 shares during the last quarter. Finally, Boston Partners lifted its stake in NetApp by 12.6% in the third quarter. Boston Partners now owns 3,317,605 shares of the data storage provider’s stock valued at $393,027,000 after acquiring an additional 370,405 shares during the last quarter. 92.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NetApp news, EVP Elizabeth M. O’callahan sold 1,000 shares of NetApp stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $117.73, for a total value of $117,730.00. Following the transaction, the executive vice president directly owned 18,382 shares of the company’s stock, valued at $2,164,112.86. The trade was a 5.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Cesar Cernuda sold 49,464 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $154.82, for a total value of $7,658,016.48. Following the transaction, the president owned 46,806 shares of the company’s stock, valued at approximately $7,246,504.92. This trade represents a 51.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,964 shares of company stock valued at $8,106,972. Insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

NTAP has been the topic of several analyst reports. UBS Group restated a “neutral” rating and set a $160.00 price target on shares of NetApp in a research note on Friday, May 29th. Wedbush lifted their price objective on shares of NetApp from $115.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wells Fargo & Company upped their price objective on shares of NetApp from $115.00 to $180.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Morgan Stanley increased their target price on shares of NetApp from $88.00 to $137.00 and gave the stock an “underweight” rating in a research report on Friday, May 29th. Finally, Bank of America raised their target price on NetApp from $125.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, NetApp presently has an average rating of “Hold” and an average price target of $169.33.

NetApp Price Performance

Shares of NetApp stock opened at $154.17 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.39 and a debt-to-equity ratio of 1.84. The firm has a fifty day simple moving average of $142.29 and a 200-day simple moving average of $116.71. The stock has a market capitalization of $30.20 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.82 and a beta of 1.46. NetApp, Inc. has a 1-year low of $93.69 and a 1-year high of $192.83.

NetApp (NASDAQ:NTAP) last posted its earnings results on Thursday, May 28th. The data storage provider reported $2.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.24). The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. NetApp had a net margin of 18.43% and a return on equity of 117.23%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 earnings per share. NetApp has set its FY 2027 guidance at 8.700-9.000 EPS and its Q1 2027 guidance at 2.050-2.150 EPS. On average, sell-side analysts expect that NetApp, Inc. will post 7.16 earnings per share for the current year.

NetApp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 29th. Stockholders of record on Friday, July 10th will be paid a $0.52 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. NetApp’s payout ratio is presently 32.70%.

NetApp Profile

NetApp, Inc (NASDAQ: NTAP) is a data management and storage company that delivers hybrid cloud data services for applications and data. Founded in 1992 as Network Appliance and rebranded as NetApp in 2008, the company is headquartered in Sunnyvale, California. NetApp’s offering focuses on enabling organizations to store, manage, protect and move data across on-premises environments and major public clouds.

The company’s product portfolio centers on the ONTAP data management software and a range of storage systems and services built around it.